Coinbase opposes stablecoin compromise in Senate crypto bill: Report
Coinbase is reportedly still pushing back against stablecoin yield provisions in the Senate’s crypto market structure bill, a move that has derailed past efforts to advance the legislation.
Crypto exchange Coinbase is reportedly against the latest compromise over stablecoin yields that the Senate is looking to include in its crypto market structure bill.
Coinbase representatives told Senate lawmakers in a meeting on Monday that they had concerns over the language around stablecoin yields in the new compromise version of the bill, Punchbowl News reported Wednesday, citing four people briefed on the exchange.
A proposal that circulated earlier this week would have reportedly prevented third parties, such as exchanges, from paying stablecoin yields, a measure aimed at addressing banks’ concerns over the risk of deposit flight.